As the crypto community awaits the upcoming Bitcoin halving event expected in April, a market survey involving nearly 10,000 crypto investors has been conducted. The study shows that there is optimism among participants for new all-time highs for Bitcoin.
For context, Bitcoin halving is when the reward for mining is cut in half. This event aims to maintain the currency’s scarcity and value while managing the inflation rate. Halving takes place every four years, the previous ones occurred in 2012, 2016, and 2020. The next one will occur when the number of blocks reaches 840,000 in April 2024.
Investor’s Expectations
From the survey conducted by cryptocurrency exchange Bitget, investors’ sentiment and anticipation of Bitcoin’s next mining reward halving reflects their confidence that this event will herald a sharp increase in the cryptocurrency’s price.
The survey covered a wide range of demographics, including investors hailing from countries in Western and Eastern Europe, South and Southeast Asia, the Middle East and Northern Africa, and Latin American regions.
About 84% of these participants expect Bitcoin to surpass the 2021 bull market all-time high of $69,000. The least bullish on this outcome on a regional level were investors from Eastern Europe.
Meanwhile, investors from Western European countries are the most optimistic in the survey. 41% of them expect Bitcoin to surpass the $100,000 mark. However, these respondents are not so convinced about the impact of Bitcoin halving on the asset’s price.
“It may indicate that these investors are ‘short-term cautious, long-term optimistic,’ as some Western European investors do not believe the Bitcoin halving will trigger a new bull market”, the report said.
Meanwhile, participants from Latin America, East Asia, and Southeast Asia were the most optimistic about the impact Bitcoin halving would have on the price. expecting that the event will have a substantial effect.
A Different Opinion
Amidst optimism from investors, a Bitcoin proponent called Paul Sztorc shared a different view. In an interview, he said that the Bitcoin halving would serve as a benchmark for the mining industry since rewards drop while the hash rate and mining difficulty continue to reach new highs.
He added that the initial effect on price might not be as significant as some analysts has predicted.
The crypto community awaits the upcoming Bitcoin halving with hopes of mirroring previous performances. However, it is important to remember that records are not always a guarantee for future results.
